Energize Colorado Gap Fund

Grant Awards Summary

December 15, 2020

"I just burst into tears. I didn’t actually realize how much stress and anxiety I was carrying with me until I received this amazing GOOD news! Thank you so much to Energize Colorado, the State of Colorado, Colorado Housing and Finance Authority, and Colorado Lending Source for this assistance. […] In fact, it is hope, and keeping me from despair, and a safety net all at once."

– Energize Colorado Gap Fund Award Recipient

Economic Recovery Focus

The Energize Colorado Gap Fund is multi-year program focused on economic recovery and resilience. By providing critical capital the Fund seeks to drive local employment, provoke economic resurgence, and yield a resilient and refreshed community.

Coloradans Helping Coloradans

The Gap Fund is currently awarding $32 million dollars grants and loans to Colorado small businesses – made possible by Energize Colorado’s partnership with the State of Colorado, including the Colorado General Assembly and the Office of Economic Development and International Trade, the Colorado Housing and Finance Authority, and the Gap Fund’s private funders.

Four Prioirty Business Groups

The Gap Fund provides priority, but not exclusive, access to small business grants and loans for Colorado’s women-owned, minority-owned, and veteran-owned and rural businesses. Many of these businesses have historically had limited access to capital. The pandemic has widened the gap.

Create an Ongoing Ecosystem

Beyond the awarding of capital, the Gap Fund seeks to create an ongoing ecosystem to help small businesses in Colorado not only survive, but flourish. Outreach, building trust, adding value and wrapping businesses in post-award support are the foundations of the Gap Fund ecosystem.

All GAP Fund Applications

0

Applications

$0 million

in Requested Funds

0%

from Priority Businesses

0%

Applications from businesses with a BIPOC1 and/or women owner

0%

Applications from businesses with a BIPOC owner
  1. Black, Indigenous, and People of Color (BIPOC)

"Energize Colorado and the Gap Fund have been instrumental in the progress and growth of my business. Not only have I been connected with exceptional mentors through Energize Colorado, but the grant funding has allowed me the opportunity to build and shift my business. […] Essentially, the funds and support I've received have helped me help more people. I could not be more grateful!"

– Energize Colorado Gap Fund Award Recipient

Prioritization of Awards

The Fund’s review and ranking process elevates priority businesses to the top of the funding pool to receive awards – businesses from the four priority groups, that have received no or inadequate prior assistance, and with both high community impact and high future viability. The Gap Fund awards are not first-come-first-served.

GAP Fund Awards

$0 million

in Awarded Grants

0

Awarded Businesses

0%

for Priority Businesses

0%

Recipients with a BIPOC1 and/or women owner

0%

Recipients with a BIPOC owner
  1. Black, Indigenous, and People of Color (BIPOC)

Closing the Gap

Women Businesses

0X

Closing the Gap Multiplier 1

 Colorado2Gap Fund3Jobs4Gap Fund5Multiplier
 % of Businesses% of Apps% of Applicant FTEs% of AwardsTimes % of Businesses
Women-owned:38%57%53%80%2.1x

Hispanic/Latino Businesses

0X

Closing the Gap Multiplier 1

 Colorado2Gap Fund3Jobs4Gap Fund5Multiplier
 % of Businesses% of Apps% of Applicant FTEs% of AwardsTimes % of Businesses
Hispanic/Latino-owned:15%14%13%24%1.6x

Black/African American Businesses

0X

Closing the Gap Multiplier 1

 Colorado2Gap Fund3Jobs4Gap Fund5Multiplier
 % of Businesses% of Apps% of Applicant FTEs% of AwardsTimes % of Businesses
Black/African American-owned:5%10%7%16%3.2x

Veteran Businesses

0X

Closing the Gap Multiplier 1

 Colorado2Gap Fund3Jobs4Gap Fund5Multiplier
 % of Businesses% of Apps% of Applicant FTEs% of AwardsTimes % of Businesses
Veteran-owned:8%8%8%11%1.4x

Rural Businesses

0X

Closing the Gap Multiplier 1

 Colorado2Gap Fund3Jobs4Gap Fund5Multiplier
 % of Businesses% of Apps% of Applicant FTEs% of AwardsTimes % of Businesses
Rural:11%27%26%37%3.4x
  1. The number of times greater the Gap Fund awards are than the actual % of small businesses for this group in CO.
  2. Minority Business Office: A Colorado Driver & Census.gov 2016 SUSB Annual Data; https://www.census.gov/quickfacts/
  3. Percentage of all Gap Fund applications as of December 14, 2020
  4. Percentage of total FTEs of all Gap Fund applicants as of December 14, 2020.
  5. Percentage of Gap Fund round 1 awarded businesses, December 14, 2020.

Statewide Distribution of Awards

Wrap-Around Business Support

In addition to providing capital, Energize Colorado provides businesses with subsidized PPE, free and low-cost mental health support, free professional services, including free legal advice, and free business mentorship.

To date the Mentorship Initiative has served:

0 Businesses Providing...

0 Business with Mentorship and Guidance

0 Business with Gap Fund Support

0 Business with Gap Fund Support

0+ Facilitated Connections to Services Outside of Energize Colorado

The Help Center has answered 0 phone and email support requests.

Community Recovery

The Gap Fund will continue to raise capital from foundations, individuals and public sources through 2021 and beyond to help businesses – and the families and communities that rely upon them – recover.

Excecutive Committee

Gap Fund Executive Committee

"Energize Colorado, we thank you!

Office of Economic Development and International Trade, we thank you!

Sate Economic Development Commission, we thank you!

Colorado Housing and Finance Authority, we thank you!

Colorado Lending Source, we thank you!

State of Colorado, we thank you!

Colorado General Assembly, we thank you!

Governor Polis, we thank you!

Gap Fund Executive Committee chaired by Kent Thiry, we thank you!"

– Energize Colorado Gap Fund Award Recipient

Questions about the Gap Fund? Drop us a line to find out more!